Invesco strategist Paul Jackson said that Bitcoin could fall below $30,000 and he gives it a 30% chance of happening. "The mass marketing of bitcoin reminds us of the activity of stockbrokers in the run-up to the 1929 crash," Jackson said in a note, Business Insider reported. Seba Bank CEO Guido Buehler said to CNBC that the firm’s “internal valuation models indicate a price right now between $50,000 and $75,000.
I’m quite confident we are going to see that level. The question is always timing.” Goldman Sachs and Bloomberg Intelligence’s Mike McGlone are uber bullish on Bitcoin as they expect the price to reach $100,000.
We had mentioned in our previous analysis that Bitcoin could pick up bullish momentum if it breaks above £32,353.68. Although the price sneaked above this resistance on January 12 and 13, the bulls could not sustain the higher levels. This suggests that bears continue to sell on rallies. The failure to rise above the resistance has attracted profit-booking.
The bears will now try to pull the price to the strong support at £29,000. The moving averages have completed a death cross and the relative strength index (RSI) has dipped below 35, suggesting that bears have the upper hand. If sellers sink the price below £29,000, the BTC/GBP could start the next leg of the downtrend. Alternatively, if the price rebounds off £29,000, the bulls will make one more attempt to clear the overhead hurdle at £32,400.
If they succeed, the pair could rise to £34,031.76. The trend favours the bears hence, we suggest traders remain on the sidelines. We will wait for the price to rise above the moving averages before turning positive.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
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CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
We had mentioned in our previous analysis that Bitcoin’s failure to rebound off the 200-day simple moving average (SMA) was a bearish sign and could lead to further downside and that is what happened.
The BTC/GBP pair plunged below the strong support at £34,031.76 on January 4. This intensified the selling and pulled the pair to the strong support at £29,000. The long tail on the day’s candlestick shows that bulls are attempting to defend the level aggressively. Read more
ETHEREUM – ETH/GBP
We had warned that if Ether broke below £2,653.66, the selling momentum could pick up and the decline could reach £2,258.36 and that is how it played out.
The bulls are attempting to defend £2,200 which could start a rebound that is likely to face resistance at the 200-day SMA. The downsloping 50-day SMA and the RSI in the oversold territory indicate that the path of least resistance is to the downside. Read more
RIPPLE – XRP/GBP
XRP turned down from £0.64 on January 2 and plunged below the support at £0.56 on January 5. The long tail on the day’s candlestick indicates that bulls bought the dip and tried to start a recovery. Read more
CARDANO – ADA/GBP
Cardano continued its gradual decline and slipped below the support line of the descending channel on January 5. The bulls pushed the price back into the channel on January 6 but could not sustain the level.
This suggests that bears continue to sell on every minor rally. If bears sustain the price below the channel, the ADA/GBP pair could drop to £0.70. Read more
BINANCE – BNB/GBP
Binance Coin broke and closed below the strong support at £377 on January 4, indicating that the bears had overpowered the bulls.
The selling momentum picked up and the BNB/GBP pair plunged below the 200-day SMA on January 8. A minor positive is that the bulls are attempting to defend the psychological level at £300. Read more
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Fren Social Space and Social token
Through social networks and the internet, like-minded individuals are now able to communicate, no matter where they are located. The availability of digitally native money and finance has allowed a large number of individuals to coordinate around the capital as well as communicate with each other. These networks are unbound by geographical boundaries and can be formed on a massive scale or with a smaller group of select participants. Read more
Bitshiba: An Innovative Community-owned Token
Coming from the Shiba Inu & Doge Family, Bitshiba tokens are an innovative, community-owned digital currency. It is a peer-to-peer cryptocurrency and meme coin designed for community usage. It allows investors to stake, farm, and buy next-generation NFTs. Read more
Bitshiba: A token for the community built on DeFi!
Bitshiba is a meme coin that was launched in November of 2021. It came about as an inspiration from the successes of Shiba Inu and Doge. The aim of Bitshiba is to be a community-owned coin that finds usage across multiple areas of the BSC ecosystem. It intends to rise in price and be stronger in value than these two meme coins.
As more people get to know about this coin, then its value will increase as the community also grows. This should trigger a positive price increase as no more coins are created. It has a fixed supply as all the coins have already been minted and supplied. There was no presale when launching the tokens, and no tokens have been set aside for the team. All tokens were launched on a public sale. 50% of these were set aside to provide liquidity on PancakeSwap and locked forever. The remaining 50% were destroyed. Read more
Fren Tokens lead the way for community tokens
What are Fren Tokens
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Associated Press to Launch NFT Marketplace on Polygon to Support Journalism
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Binance is embracing regulation as it eyes UAE for its next global hub
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UK Lawmakers Form Crypto and Digital Assets Group to Ensure Regulation Supports Innovation
U.K. lawmakers have formed the Crypto and Digital Assets Group to ensure that new rules for the crypto industry support innovation. “We are at a crucial time for the sector as global policymakers are also now reviewing their approach to crypto and how it should be regulated,” said the British parliament member who will chair the group. British Lawmakers Form Crypto and Digital Assets Group U.K. parliament members and members of the House of Lords have formed the Crypto and Digital Assets Group, the Financial Times reported Friday.
Bahrain’s Central Bank Declares Its JPM Coin Payment Test a Success
The CBB has completed a test of the JPM Coin, which allowed Bank ABC to launch real-time payment for Aluminium Bahrain (ALBA). The Central Bank of Bahrain (CBB) has successfully completed a test of JPMorgan’s JPM Coin. The latter is a digital currency designated to make payments using blockchain technology. First Tests for JPM Coin in The Region Bahrain’s central bank revealed it is committed to improving the customer experience for secure and efficient settlement services. Seeking to achieve its mission, the financial institution completed a trial of JPMorgan Chase’s JPM Coin. This is the first test of its kind for the US bank’s blockchain product in that part of the world.
PayPal Exploring Launch of Its New Stablecoin in Push for Crypto Adoption: Report
PayPal is reportedly planning to launch its own stablecoin as part of its strategy to take advantage of crypto adoption. PayPal’s senior vice president and general manager of blockchain, crypto and digital currencies, Jose Fernandez da Ponte, confirmed to Bloomberg that the payment giant is considering having its own regulated stablecoin. “We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”
Kim Kardashian, Floyd Mayweather, Paul Pierce Sued Over Ethereum Max Promotion
One investor is arguing he was unduly influenced by the social media influencers. In brief Kardashian, Mayweather and Pierce all promoted the EMAX token in some form during May and June of last year. EMAX has lost most of its value since hitting a high on May 31. If you think Ethereum is struggling, you should see the prices for Ethereum Max (EMAX), the Ethereum-based token that generated publicity last summer through endorsements from celebrities such as Kim Kardashian, boxer Floyd Mayweather, and former NBA star Paul Pierce.
Disney Moves Toward the Metaverse With Approved US Patent to Create a ‘Virtual-World Simulator’
A recently discovered patent shows the American multinational entertainment and media conglomerate, Walt Disney Company, was approved by the United States Patent and Trademark Office (USPTO) for a “virtualworld simulator” patent. The simulator is composed of a “threedimensional (3D) map of the geometry of the real-world venue.” Disney’s Virtual-World Simulator Patent Follows Bob Chapek’s Discussion About the Disney Metaverse Disney’s interest in the metaverse and blockchain technology has been showing recently as a recent patent approved at the end of December reveals the entertainment giant filed for a “virtual-world